JPM Coin will see its first commercial use, banking executives said. Southeast Asia’s largest bank by assets, DBS, is eyeing a digital assets exchange. And bitcoin’s recent rise shows a decoupling from traditional markets, like the S&P 500.
JPM Coin, the enterprise-minded digital asset stewarded by the titular global bank, will see its first transaction this week, a JPMorgan executive said. Designed for wholesale payments and faster transactions, the system is predicted to save the banking industry hundreds of millions of dollars a year. First revealed in February 2019, JPM Coin will run on Quorum, a private version of Ethereum developed by the bank but acquired by development firm ConsenSys in August. Further, the executive told CNBC the bank has created a business unit with around 100 employees called Onyx to house related projects. “We believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business,” the executive said.
Southeast Asia’s largest bank by assets, DBS, is apparently in the works to build a digital assets trading platform. The Singapore-based bank and financial services corporation posted – and quickly removed – a webpage detailing the DBS Digital Exchange that will offer access to “an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.” In addition to bitcoin, bitcoin cash, ether and XRP trading services, the exchange will also offer tokenization services, offering business the opportunity to raise funds by issuing digital forms of securities and assets, per the page. The exchange will be regulated by the Monetary Authority of Singapore, the city-state’s de facto central bank.
BTC funds bail
A growing number of donors are giving crypto to bail funds, CoinDesk’s Ben Powers reports. Bail fund projects have taken in thousands of dollars in…